After weeks of tense negotiations, the U.S. and Ukraine have officially signed a controversial minerals deal, granting the U.S. significant access to Ukraine’s vast natural resources—particularly rare earth elements, aluminum, graphite, oil, and natural gas.
According to a Bloomberg report, Treasury Secretary Scott Bessent and Ukrainian Deputy Prime Minister Yulia Svyrydenko finalized the agreement in Washington on Wednesday.
This follows increasing pressure from the Trump administration, which demanded that Ukraine fully comply with the terms laid out or risk the deal being called off entirely.
What the deal includes:
- The agreement establishes a bilateral investment fund, with both the U.S. and Ukraine contributing equally. However, a critical caveat allows future American military aid to count as the U.S. share—essentially letting the U.S. leverage its defense assistance as financial input.
- The fund will be jointly managed with equal representation from both countries (three members each), which proponents say ensures oversight but critics argue gives the U.S. disproportionate influence.
- Revenue from the mining and extraction of Ukraine’s critical minerals will be split evenly. More importantly, the U.S. will receive “first right of refusal” on investment opportunities in Ukraine’s rare earth sector—something no European ally has been offered.
BREAKING: U.S.-Ukraine Minerals deal signed, Department of Treasury says https://t.co/cGaNEvOcf4
— Barak Ravid (@BarakRavid) April 30, 2025
Why it matters: This agreement marks a strategic pivot. Rather than sending endless blank-check military aid, the U.S. is now positioning itself to reap long-term economic benefits from its support of Ukraine.
Trump’s team has been openly critical of President Zelensky’s previous hesitations and delays, with some suggesting the White House had considered walking away from the partnership altogether.
Despite Ukrainian officials’ initial resistance, the Trump administration stood firm—reportedly telling Svyrydenko that she needed to be ready to sign “all agreements, or go back home.” Ultimately, Ukraine backed down, possibly fearing the loss of future U.S. support amid waning interest among American voters in funding the war effort.
The Financial Times previously reported that a major sticking point was whether Ukraine would be required to repay its mountain of U.S. aid. That condition was eventually dropped—but only for past debt. Future military assistance will still count as part of America’s investment, allowing Washington to turn defense aid into economic leverage.